FROM EIR DAILY ALERT

April 10, 2018 (EIRNS)—Chinese President Xi Jinping gave his keynote to the Boao Forum for Asia this afternoon, in which he warned against “arrogance” but offered an olive branch on the issue of tariffs.

Xi called on other countries to refrain from “seeking dominance” and “reject power politics.”

While not mentioning the tariff dispute with the U.S., he said those who ignored the “trend of the times” toward openness would be “left behind and assigned to the dustbin of history.”

He stressed:

“The Cold War and zero-sum mentality looks out of place in today’s world. Arrogance or only focusing one’s own interests will get nowhere. Only peaceful development and cooperation can truly bring win-win or all-win results.”

He said:

“We need a coordination of policy. Nations should not try to undercut each other, but should stay committed to mutual benefit and to supporting the multilateral trading systems. We need to seek inclusiveness and harmony.”

While reiterating his principled position and his concern for countries taking “unilateral measures” without consideration to the appropriate international institutions, he also offered an olive branch on the issue of the U.S.-China trade dispute. He reiterated the commitments that Premier Li Keqiang made at the National People’s Congress, that China would open up more, would not require technology transfers from firms wishing to invest in China, it would facilitate the procedures for foreign firms investing in China, and would strengthen intellectual property rights (IPR) protection. He also said that China would consider reducing tariffs on automobiles and loosen restrictions on foreign ownership in the auto sector “as soon as possible,” a direct response to President Trump’s tweet on Monday, complaining about the tariffs on autos. President Xi reiterated that China had entered a “new phase of opening up,” and was committed to making China’s financial and manufacturing sectors more open for foreign investments, and he then stated further that China would “significantly lower” tariffs on auto imports this year.

China would never seek to “threaten anyone else” or overthrow the international system, he said. Xi said five years ago he launched the Belt and Road Initiative, in which over “80 countries have signed agreements with China” he said:

“[It] may be China’s idea, but its ideas will benefit the world. China has no geopolitical calculations, seeks no exclusionary blocs, and imposes no business deals on others.”